Imunon (IMNN) closed the private placements of 7.2 million shares at $0.45 apiece and short-term warrants, exercisable at the same price, to buy up to 14.4 million shares for gross proceeds of up to $9.75 million.

The warrants will become exercisable upon stockholder approval and expire three years from that date, the company said Wednesday in a statement.

The gross proceeds from the share offering totaled $3.25 million, while potential additional proceeds from the warrants, if fully exercised, are expected to be $6.5 million.

Imunon shares rose 14% in after-hours trading.